{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{4}{c}}
\toprule
                    &\multicolumn{4}{c}{Dependent variable: $X_{ni}/X_n$}                                 \\\cmidrule(lr){2-5}
                    &\multicolumn{1}{c}{(1)}         &\multicolumn{1}{c}{(2)}         &\multicolumn{1}{c}{(3)}         &\multicolumn{1}{c}{(4)}         \\
\midrule
$\delta^c \times z_{ni}^{(1)}$&      -0.043\sym{***}&                     &      -0.076\sym{***}&                     \\
                    &    (0.0095)         &                     &     (0.022)         &                     \\
\addlinespace
$\delta^c \times z_{ni}^{(2)}$&                     &      -0.037\sym{***}&                     &      -0.029\sym{**} \\
                    &                     &    (0.0074)         &                     &    (0.0085)         \\
\addlinespace
$\delta^c \times z_{ni}^{(1)} \times r_n^{\text{lib}}$&                     &                     &       0.035         &                     \\
                    &                     &                     &     (0.018)         &                     \\
\addlinespace
$\delta^c \times z_{ni}^{(2)} \times r_n^{\text{lib}}$&                     &                     &                     &      -0.011         \\
                    &                     &                     &                     &    (0.0087)         \\
\midrule
Upstream $\times$ Downstream FEs&         Yes         &         Yes         &         Yes         &         Yes         \\
Upstream $\times$ Country FEs&         Yes         &         Yes         &         Yes         &         Yes         \\
Downstream $\times$ Country FEs&         Yes         &         Yes         &         Yes         &         Yes         \\
\midrule$R^2$       &       0.537         &       0.537         &       0.537         &       0.537         \\
Observations        &      133525         &      133525         &      133525         &      133525         \\
\bottomrule
\end{tabular}
}
